Published on economist Dr. Elliot Eisenberg’s blog on February 3rd:
In 2015 about 500,000 households that lost their homes to foreclosure or a short sale back in 2007 will, if their finances are sufficiently solid, be able to again qualify for a conforming home loan. In all, over seven million such households will be added back to the pool of potential home buyers between now and 2022, with more than a million households being added in years 2016 through 2019.
I’ve had a chance to meet with many people in the short eight months that I have been working in real estate. Good people who had some financial trouble in the past face a challenge in getting back on track. Eisenberg’s blog, along with what we are seeing in our local market right now, gives me hope that circumstances for many are improving.
How is the economy doing in your part of the country? Do you think it is better or worse than it was a year ago?